"Yesterday, Inter-Citic Minerals released results from metallurgical testing involving bio-leaching from bulk flotation concentrate samples taken from its Dachang project (China). The results of the testing showed gold recoveries of roughly 89%. These recovery levels of gold leach into solution occurred after four hours, with no signs of 'preg robbing' (loss of gold by the re-absorption of dissolved gold cyanide onto carbon materials).

'Overall gold recoveries to doré are predicted to be 85%, assuming 96% for the flotation stage, 89% for the BIOX/CIL stage, and 99% for solution/goldroom losses.'

We assume that Dachang would realize about a 90% recovery rate over the life of the mine. Based on our current assumptions for recovery rates for Dachang, we view the testing as positive for the company. We value the shares of Inter-Citic based on 60% of our estimate of Inter-Citic's NAV. Using this methodology, we arrive at our target price of Cdn$1.45 per share. As our target price represents more than considerable upside from current levels, we maintain our SPECULATIVE BUY recommendation on the shares of Inter-Citic."
    -HAYTHAM HODALY,   SALMAN PARTNERS INC. (05/08/09)

"As I said, the last two trading sessions will mark an important turning point in investor psychology, as the markets begin looking more and more warily at the flood of fiat currency rushing toward us. Although there will be corrections along the way, the broad trend for metals and mining stocks will remain in an upslope.

More specifically, there are some stocks that need to be owned during this next leg of the bull market.

I've mentioned some of them recently - notably companies with large and growing gold resources, such as Inter-Citic Minerals (ICI.TO; C$0.37)."
    -   Gold Newsletter (03/19/09)

Despite having been hit hard by the broader turmoil in the metals markets, Inter-Citic has three advantages that will allow it, not just to survive, but to thrive in the years ahead.

The first advantage is a big cash cushion—as of August 31, 2008 Inter-Citic had over C$20 million in the bank. This strong cash position has allowed the company to pursue an aggressive, 50,000-meter drilling program in 2008 at time when other juniors are curtailing exploration to preserve what money they have.

Which leads to Inter-Citic's second advantage: huge exploration potential. Recent drilling results on the DMZ amply demonstrate Dachang's exploration potential.

Those results indicate that Inter-Citic will add significantly to the company's third and most important advantage: that aforementioned inferred gold resource. At 2.9 million gold ounces, Dachang qualifies as a major discovery. And no matter what happens in the gold market over the next few months, in the long term the world is starving for big new gold deposits. Simply put, this company is one of the best bargains in the junior mining space, and those who build positions at current price levels are likely to be richly rewarded for doing so.
    -   Gold Newsletter (12/30/08)

"Inter-Citic Minerals (ICI.TO) is another great company with a tremendous gold project in China. It's trading for around 30 cents — a fraction of what this project is worth even at today’s prices. It's a multi-million ounce project with considerable growth potential."
    -   The Gold Report Interview with Brien Lundin, Gold Newsletter (11/04/08)

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